FORTUNE — Flag Capital has closed its third private equity fund-of-funds focused on energy and natural resources, Fortune has learned. 

The Stamford, Conn.-based firm hit its $200 million hard cap, compared to its $175 million target and the $134 million it raised for its second such fund in 2010.

Expect the new fund-of-funds to focus on dedicated niche managers in such areas a upstream and midstream oil and gas, mining, power generation and agriculture.

Limited partners include the Baltimore Fire & Police Employees’ Retirement System, Rollins College and the State of Iowa Board of Regents.

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